⚖Do Kwon's US Extradition Looms,💥Binance Withdraws from Abu Dhabi,🌏Digital Yuan Goes Cross-Border

December 09, 2023

Your 5 minute emerging markets web3 weekly update

In This Issue

Eastern Europe
🔸Disgraced Crypto Tycoon Do Kwon Likely to Be Extradited to the US
🔸A New B2B Cross-Border Payments Exchange Launched in Russia, Includes Tether’s USDT

Asia
🔸Binance Withdraws Abu Dhabi License Application Amid Regulatory Challenges
🔸A Cross-Border CBDC Milestone: Singapore and China Partner to Enable Tourists to Use Digital Yuan

Africa
🔸Nigerian Blockchain Startup Bitmama Bolsters Its Fintech Arsenal With Payday Acquisition
🔸Decentralized WiFi Startup Received $150K Grant From Microsoft to Expand Internet Access Across Africa

Latin America and the Caribbean
🔸Brazil's Nubank Cripto Enhances Crypto Offering with USDC Access and Transaction Cost Reduction
🔸From Necessity to Enthusiasm: The Evolution of Crypto Adoption in Venezuela

Catch up on the latest episodes and clips from the second season of the EmergingVoices Podcast on YouTube!

Eastern Europe

Image Credit: Dall-E 3

The Wall Street Journal reported that Montenegro's Justice Minister, Andrej Milovic, has privately expressed plans to extradite Do Kwon to the U.S. instead of South Korea to face criminal charges related to the $40 billion crash of his TerraUSD and Luna cryptocurrencies in May 2022. Do Kwon, a South Korean citizen, has been jailed in Montenegro since March, and both the U.S. and South Korea have sought his extradition for fraud and securities-law violations. While a Montenegro court has approved Do Kwon's extradition, the final decision is pending, awaiting the outcome of Kwon's last-ditch appeal against the court ruling.

A new exchange launched this week in Russia aims to streamline cross-border payments for Russian importers and exporters involved in international trade. The Exved B2B platform exclusively serves legal entities, adheres to anti-money laundering (AML) / combatting financial terrorism (CFT) procedures, connects businesses with direct counterparties, offers free legal transaction registration services, and acts as a guarantor. Settlements on the platform involve non-resident (offshore) rubles, US dollars, and USDT, with participation from major brokers in the cross-border payments market and technical experts from Indefibank.

Asia

Image Credit: Dall-E 3

Binance has withdrawn its application for a license in Abu Dhabi, signaling a re-evaluation of its global operations amid increased regulatory pressures. The application, filed a year ago and withdrawn on November 7, was meant to allow Binance's BV Investment Management to manage a collective investment fund. Binance stated that the decision was unrelated to its recent $4.3 billion settlement with U.S. authorities, and it continues to work with regulators to offer services in the Middle East and beyond.

The Monetary Authority of Singapore has partnered with the People's Bank of China to allow tourists from both countries to use China's digital yuan (eCNY) when visiting Singapore, marking a significant development in cross-border central bank digital currency (CBDC) use. Although there has been growing integration between the digital yuan and Hong Kong, this development is distinct because it enables Chinese tourists to use the eCNY in Singapore. While Singapore has no plans for a retail CBDC, it is set to pilot a wholesale CBDC in 2024 to support interbank tokenized deposits and cross-border settlement for securities transactions.

Africa

Image Credit: Dall-E 3

Nigerian blockchain payments startup, Bitmama, has acquired Payday, a Nigerian fintech startup, for an undisclosed amount. This strategic move enables Bitmama to integrate Payday's virtual dollar card product and provides access to Payday's 678,000 users and their data, saving on potential future expansion costs. Bitmama aims to address market inefficiencies related to dollar shortages, currency devaluation, and high remittance costs by leveraging stablecoin infrastructure.

Nigerian decentralized mobile internet sharing and monetization network, WiCrypt, has secured a $150,000 grant from Microsoft. WiCrypt leverages existing physical infrastructure, such as Wi-Fi routers in public spaces, to create a decentralized network of internet access points rather than relying solely on centralized internet service providers. The company recently introduced WiFi hotspots on the decentralized physical infrastructure blockchain, Peaq, enabling users to earn tokens and monetize spare bandwidth on their Wi-Fi routers, while expanding internet access in areas with limited or expensive traditional connectivity options. The grant will support WiCrypt's #DePIN development chain and productivity improvements.

Latin America and the Caribbean

Image Credit: Dall-E 3

Brazilian digital bank, Nubank Cripto, has enabled access to Circle's USDC stablecoin to its customers, aiming to offer easier access to the dollar and protection against inflation. The bank also introduced new solutions for its customers, including the implementation of a routing system for selecting liquidity providers through its partnership with Talos to find the best cryptocurrency quotes across various platforms and reduce transaction costs. Nubank Cripto now has 15 cryptocurrencies available, and it plans to allow crypto withdrawals and deposits in its digital bank's crypto wallets in the first quarter of 2024.

The adoption of Bitcoin and other cryptocurrencies in Venezuela has been growing, bolstered by efforts from businesses, events, educational initiatives, and academic courses in universities. However, there is still much work to be done to achieve widespread adoption, according to university professor and blockchain researcher, Antonio Russoniello. While there is enthusiasm among students to learn about new technologies like Bitcoin, there is also an informal and necessity-driven knowledge of cryptocurrencies in the country. Russoniello believes that more needs to be done to educate the population about the broader benefits of crypto assets beyond immediate economic gain.

Thanks for reading and have a great week ahead!

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Written by Jon Lira. Connect with him on LinkedIn.

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